Ordering deposits

sobriquet · 08-26-2006, 08:36 PM

I spoke with a dealer yesterday that wanted a $1000 deposit to place an order for a 335i sedan. That doesn't bother me per se, but he then told me that it's not "technically refundable." They'll find another buyer for the car you ordered, take interest fees out of your deposit, and refund the balance.

Is this normal? Does the amount sound right and is it possible to find a dealer where the deposit is refundable? I'm a little concerned about ordering a $45,000 car sight unseen without ever having driven the model.

Ninjaneer · 08-26-2006, 10:24 PM

Quote:

Originally Posted by sobriquet

I spoke with a dealer yesterday that wanted a $1000 deposit to place an order for a 335i sedan. That doesn't bother me per se, but he then told me that it's not "technically refundable." They'll find another buyer for the car you ordered, take interest fees out of your deposit, and refund the balance.

Is this normal? Does the amount sound right and is it possible to find a dealer where the deposit is refundable? I'm a little concerned about ordering a $45,000 car sight unseen without ever having driven the model.

I think it differs for each dealer. My CA asked for a $500 refundable deposit, but once they were ready to put the order through his manager wanted to make sure I wasn't going to change my mind since I am ordering lots of features... it's not a stock car + premium/sports, which they can easily sell... it had lots of extras and wasn't a common color so they get worried that they won't be able to sell it if I back out.

Another dealer I dealt with over the net wanted a $1000 non-refundable "pre-payment" since they were pretty much going to put that order in ASAP and would be "holding" the car for me... which I guess meant they'd be using one of their allocations.

Not sure about finding a dealer with a refundable deposit; based on my experience it seems that once they put the order in that's it.

Test drive the car!

Anyway, I better stop writing these lengthy replies and checking the forums so much lol, need to get some work done

CALIF65GM · 08-26-2006, 11:08 PM

It kind of varies by states too.

In CA by law, the deposit is fully refundable.

IrvRobinson · 08-27-2006, 10:13 AM

I think it is the law in Ca that deposits are refundable and you really need to read the back of the buyers order before you sign and hand over money.I normally don't take deposits on ED's because 99 % of the time people are going, but when the few cancel,it's just less paperwork.We would never keep someone's deposit if they don't take delivery,it's extremely unethical !

Brunotheboxer · 08-27-2006, 10:33 AM

maybe if you use a credit card for the deposit it would protect you but im not 100% sure. i only put a 500 deposit down for my last two bmw's and as far as ordering a car sight unseen your on your own with this. personally i would never buy a car without at least test driving it once.

sobriquet · 08-27-2006, 12:34 PM

Thanks for the info, guys.

08-26-2006, 08:36 PM	#1
sobriquet Second Lieutenant 3 Rep 219 Posts Drives: Soon: E92 335i Join Date: Mar 2006 Location: United States iTrader: (0)	Ordering deposits - refundable? I spoke with a dealer yesterday that wanted a $1000 deposit to place an order for a 335i sedan. That doesn't bother me per se, but he then told me that it's not "technically refundable." They'll find another buyer for the car you ordered, take interest fees out of your deposit, and refund the balance. Is this normal? Does the amount sound right and is it possible to find a dealer where the deposit is refundable? I'm a little concerned about ordering a $45,000 car sight unseen without ever having driven the model.
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08-26-2006, 11:08 PM	#3
CALIF65GM Colonel 105 Rep 2,041 Posts Drives: e93-35 May08 ED Join Date: Jun 2005 Location: SF, CA iTrader: (0) Garage List 06 - Oct. 05 build ... [0.00]	It kind of varies by states too. In CA by law, the deposit is fully refundable. __________________ 5-2-08 e93-35 ED Montego w/Jade Grey, Step w/Paddles, PP, SP, CA, hot seats and iPod.Awaing re-delivery soon. Debadged 330xi ED 11/14/05 Auto/Mystic Blue/Gray leather with Alum/PP/SP/CA/Fold-down rear seats/Alarm. Sold to Carmax on 6/7/08 with 50,624 miles on clock
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08-27-2006, 10:13 AM	#4
IrvRobinson Banned 39 Rep 731 Posts Drives: X3 Join Date: Jul 2006 Location: Chicago iTrader: (0)	I think it is the law in Ca that deposits are refundable and you really need to read the back of the buyers order before you sign and hand over money.I normally don't take deposits on ED's because 99 % of the time people are going, but when the few cancel,it's just less paperwork.We would never keep someone's deposit if they don't take delivery,it's extremely unethical !
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08-27-2006, 10:33 AM	#5
Brunotheboxer Colonel 406 Rep 2,984 Posts Drives: 2014 Shelby GT500. Join Date: Jan 2006 Location: Boston/Cape Cod iTrader: (0)	maybe if you use a credit card for the deposit it would protect you but im not 100% sure. i only put a 500 deposit down for my last two bmw's and as far as ordering a car sight unseen your on your own with this. personally i would never buy a car without at least test driving it once. __________________ "...I maybe drunk, but you're ugly, and I can sober up..."
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08-27-2006, 12:34 PM	#6
sobriquet Second Lieutenant 3 Rep 219 Posts Drives: Soon: E92 335i Join Date: Mar 2006 Location: United States iTrader: (0)	Thanks for the info, guys.
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